Still entrenched in the community of the nation’s fourth-largest city, Alexander recently pledged $10 million to Houston Mayor Sylvester Turner’s Hurricane Harvey Relief Fund. The sale to Fertitta, a native of Galveston, Texas, will ensure the organization stays in the hands of an owner invested in Houston.

“I am excited to welcome and pass the torch to Tilman,” Alexander told the Houston Chronicle. “He is a Houstonian, business leader and committed to the success and excellence of the Rockets both on and off the basketball court.

“I have personally known Tilman for over 24 years and don’t think I could have found anyone more capable of continuing the winning tradition of our Houston Rockets.”

Fertitta is the sole owner of Landry’s Inc., a restaurant corporation that includes the Morton’s and McCormick and Schmick’s steakhouses as well as Rainforest Cafe and Bubba Gump Shrimp Co. franchises. The 60-year-old is the star of CNBC’s “Billion Dollar Buyer.” He also owns the Golden Nugget Hotel and Casinos, a role that led him to sell a stake in the Houston Texans due to NFL rules precluding owners from ownership stakes in gambling-related enterprises. The NBA has no such rule.

“I am truly honored to have been chosen as the next owner of the Houston Rockets,” Fertitta said in a statement, via the Chronicle. “This is a lifelong dream come true.

“Leslie Alexander has been one of the best owners in all of sports, and I thank him immensely for this opportunity. He has the heart of a champion. Lastly, out of respect for the NBA’s approval process, I can say no more other than I am overwhelmed with emotion to have this opportunity in my beloved city of Houston.”